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Mounds View EDA August 22, 2022 <br />Regular Meeting Page 3 <br /> <br /> 1 <br />President Mueller questioned what the value of Phase 1 would be upon completion. Mr. Keenan 2 <br />estimated this to be $26 million for the 130 units of workforce housing. 3 <br /> 4 <br />President Mueller stated she was pleased to see the developer would be working with a local 5 <br />management company (Michaels) for the two apartment buildings. Mr. Keenan clarified that 6 <br />Michaels was based out of New Jersey but had employees working locally to manage his buildings. 7 <br /> 8 <br />President Mueller asked what the EDA’s next steps should be. Assistant City Administrator 9 <br />Beeman requested the EDA make a motion to offer support of the overall project, support for the 10 <br />conduit bonds and support for the housing TIF. 11 <br /> 12 <br />President Mueller inquired if the proposed project was the highest and best use for this 5.5 acres 13 <br />in Mounds View. Assistant City Administrator Beeman reported this location does not make sense 14 <br />for an industrial or retail use. He explained there was a demand for market rate and workforce 15 <br />housing. For this reason, he believed the highest and best use for this property was the proposed 16 <br />project. 17 <br /> 18 <br />Commissioner Meehlhause requested further information regarding the average median income 19 <br />(AMI) in Mounds View. Mr. Keenan reported AMI’s were calculated every year in April by 20 <br />Ramsey County. He stated he did not have the Mounds View statistics in front of him. 21 <br /> 22 <br />President Mueller questioned if Ramsey County would work with the City to provide this property 23 <br />access to Mounds View Boulevard. Assistant City Administrator Beeman explained this project 24 <br />would not access Mounds View Boulevard, but rather would have access from Woodale Drive. He 25 <br />reported if Phase 2 of this project were to not move forward he stated a daycare could be considered 26 <br />for the corner lot, which the developers stated they would sell to the City for $ 1.00. 27 <br /> 28 <br />MOTION/SECOND: Meehlhause/Cermak. To Support the Reuter Walton Development Project 29 <br />Moving Forward with Housing TIF and Conduit Bond Financing. 30 <br /> 31 <br />A roll call vote was taken. 32 <br /> 33 <br /> Ayes – 3 Nay – 2 (Hull & Mueller) Motion carried. 34 <br /> 35 <br />7. REPORTS 36 <br /> 37 <br />None. 38 <br /> 39 <br />8. NEXT EDA MEETING: Monday, September 12, 2022 at 6:30 p.m. 40 <br /> 41 <br />42